Axis Bank Personal Loan Interest Rates

Axis Bank offers personal loans to its customers at highly competitive interest rates. The bank takes numerous factors into consideration before they determine the real interest imposed. They may consider your income level, repayment capacity, your relationship while finalising the loan and various other eligibility criteria. As per the data of 2015, the interest rates varied from 15.50 to 24%. However, these interest rates are subject to change with situations and time.

Interest Rates on Personal Loans by Axis Bank in 2017

Particulars

Salaried

Rate of Interest

15.5 to 24% per annum

Loan Amount

Rs 50,000 to 15 lakh

Loan Tenure

12 – 60 months

Lowest EMI

Rs 1325 (bring the lowest amount with the highest tenure)

Processing Fee

1.5 to 2% + Service Tax

Age criteria

Individuals between the age of 21 to 60 can apply

Prepayment Fee

NA

Foreclosure Fee

NA

Factor affecting the interest rates on Personal Loans

Type of employment

People having a permanent job with a high salary are likely to get big amount of loans at lesser rates of interest. The parameters to judge a person’s job, wages and guarantee of repayment differ among self-employed individuals, salaried individuals, etc.

Tenure of the loan

The tenure of loan determines the rate of interest. One may be implied a high-interest rate for a long tenure and visa versa.

Relationship with Axis Bank

A healthy relationship can get you loans at unusual interest rates. Suppose your records seem to be positive in terms of repayment of debts and trust with the bank, Axis Bank shall offer personal loans at attractive rates.

Loan repayment capacity

Personal loans can be extended at smaller rates if the bank believes you can pay the loan amount on time. Thus, the game of trust and a good history can help you get loans at attractive rates.